Bon-Ton names Michael Culhane Chief Financial Officer

The Bon-Ton Stores has appointed Michael Culhane to the position of Executive Vice President, Chief Financial Officer of the company, effective immediately. The company said, Culhane will be responsible for accounting, treasury, tax, credit, investor relations, legal and internal audit. He succeeds Nancy Walsh, who is leaving the company effective as of January 22, 2018, to take a position at another company.

Commenting on Culhane's appointment, Bill Tracy, Bon-Ton’s President and Chief Executive Officer, said, "We look forward to leveraging his extensive financial expertise and significant department store retail experience as we continue to execute on our initiatives to drive improved performance and strengthen our financial position. We are confident he will be an asset to our team as we continue to engage with our debt holders in our efforts to establish a sustainable capital structure for the company."

The company added that Culhane brings more than 30 years of finance and accounting experience and knowledge of the retail industry to Bon-Ton, having held several roles at retail companies throughout his career, including as chief financial officer. He was most recently president and co-founder of TMAG, Inc., providing CFO consulting services. Prior to TMAG, Inc., he served as chief financial officer at Hudson's Bay Company and has also held various executive roles with Lord & Taylor and May Department Store Group.